Questions from Intermediate Accounting

Q: How are revenues and expenses different from gains and losses?

How are revenues and expenses different from gains and losses?

Q: What three elements are contained in a balance sheet?

What three elements are contained in a balance sheet?

Q: What two factors must be considered in deciding the point at which

What two factors must be considered in deciding the point at which revenues and gains should be recognized? At what point in the revenue cycle are these conditions usually met?

Q: You are a member of the most popular student club on campus

You are a member of the most popular student club on campus, the Accounting Antidefamation Organization. Recently, the field of accounting was savagely attacked in an article written by a militant eco...

Q: What are the three major categories in a corporation’s Equity section?

What are the three major categories in a corporation’s Equity section?

Q: Distinguish between the recording and reporting phases of the accounting process.

Distinguish between the recording and reporting phases of the accounting process.

Q: Name three exceptions to the general rule that assumes revenue is recognized

Name three exceptions to the general rule that assumes revenue is recognized at the point of sale. What is the justification for these exceptions?

Q: Identify and describe five different measurement attributes.

Identify and describe five different measurement attributes.

Q: What guidelines are used to match costs with revenues in determining income

What guidelines are used to match costs with revenues in determining income?

Q: Briefly describe the five traditional assumptions that influence the conceptual framework.

Briefly describe the five traditional assumptions that influence the conceptual framework.